Technical analysis of EUR/USD for March 6, 2014 2014-03-06 Daily pivot point: 1.3730. 1394097482_eurusdh1.png Overview: The daily pivot point of the EUR/USD pair will set at the level of 1.3730. Also, the weekly pivot point set at the 1.3756 price for March 3-7, 2014. Consequently, the market has still been calling for downward because the price has set below the weekly pivot point at 1.3756 since yesterday. Accordingly, if the trend fails to close above the level of 1.3760, then it will be a good opportunity to sell below 1.3756 with the first target at 1.3688 (this level is going to represent the weekly support 1), then it will be continued in downtrend towards 1.3643 in order to test the double bottom on March 6, 2014. On the other hand, the stop loss should always be taken in account because it should never exceed your maximum exposure amounts. Consequently, the best location to set your stop loss should be placed above the level of 1.3794 (the daily resistance 3). Intraday technical levels: Date and Time: 6/03/2014 10:35 Pair: EUR/USD R3: 1.3794 R2: 1.3771 R1: 1.3753 PP: 1.3730 S1: 1.3712 S2: 1.3689 S3: 1.3671 Technical analysis of USD/CHF for March 6, 2014 2014-03-06 usdchfh1.png Forecast in the long term: According to previous events, the USD/CHF pair has still been trapped between 0.8900 and 0.8873. Strong resistance will be formed at the level of 0.8900 providing a clear signal for sell deals with the targets seen at 0.8875 nad 0.8834. Stop-loss is to be placed above 0.8935. Strong support will be formed at the level of 0.8830 providing a clear signal for buy deals with the target seen at the 0.8895 level. Stop-loss is to be placed below 0.8810. Warnings: Stop loss should never exceed your maximum exposure amounts. As a rule, the market is highly volatile if the previous day had huge volatility, Intraday technical levels: Date and Time: 6/03/2014 11:23 Pair: USD/CHF R3: 0.8907 R2: 0.8896 R1: 0.8882 PP: 0.8871 S1: 0.8857 S2: 0.8846 S3: 0.8832 Elliott Wave Analysis of AUD/USD for March 06, 2014 2014-03-06 1394108615_CAD-ifx.png AUD/USD Elliott Wave The AUD/USD pair, has been trading aggressively higher for the last few days, wave (a) (coloured green) of the bigger wave [a] (coloured black) has been developing. In the 1-hour chart of the pair above, we can see that there is enough swings to call the (a) wave, that is developing from the 0.8889 level as already complete cycle, so we are going to look for a corrective pullback towards the 50% of the (a) wave length as our fresh buying signal in the pair. In accordance with our wave rules and taking into account that wave (c) should extend 100% of wave (a), we can define the potential targets with measuring wave (a) with take profit at 0.8975 (100% of wave (a)).To reduce the risk, we can use support point at the 0.8880 level as stop loss. alternate count: we are still inside the (a) wave, and if price make a new high we are going to look for the 0.9050 region as our resistance area. Our strategy stay the same even for this scenario, buying the (b) wave pullback at the 50% drop with a stop at 0.8880 level/ Support and Resistance (S3) 0.8886, (S2) 0.8911, (S1) 0.8947, (PP) 0.8972, (R1) 0.9008, (R2) 0.9033, (R3) 0.9069. Trading forecast Proceeding from Elliot Wave rules today, the trend is expected to begin the upwards movements. That is why long positions at the level of 0.8975 with stop loss at 0.8880 and take profit at 0.8975 are recommended. Elliott Wave Analysis of USD/CAD for March 06, 2014 2014-03-06 1394108650_AUD-ifx.png USD/CAD Elliott Wave Since our last analysis, the USD/CAD pair has continued downwards trend, wave [b] (coloured black) of the bigger wave A (coloured blue) has been developing. In the 1-hour chart of the USD/CAD, we can see that we are in the last (c) wave of the bigger wave [b], that should reach the 1.0980 level, 123.6% of (c) vs (a), before we see another long opportunity in the pair. While price remain above the 1.0910 low, we are going to look to enter a position either on a test of the 1.0980 level or at the break above the upper trend line (green on the chart). In accordance with our wave rules and taking into account that wave [c] should extend 100% of wave [a], we can define the potential targets with measuring wave [a] with take profit at 1.1288 (100% of wave [a]). Swing traders, can also try this position with a same stop loss, but for a target we are going to use 1.1400 level. alternate count: wave [b] is already over, and we are going for the Flat pattern in the first (a) wave. if this scenario take a place, we are going to wait for a clean impulsive pattern on the 15-minutes time frame to develop before we enter a long position, invalidation is still break below the 1.09100 level. Support and Resistance (S3) 1.0933, (S2) 1.0980, (S1) 1.1005, (PP) 1.1052, (R1) 1.1077, (R2) 1.1124, (R3) 1.1149. Trading forecast Proceeding from Elliott Wave rules today, the trend is expected to begin upward movements. That is why long positions at the level of 1.0980 with stop loss at 1.0910 and take profit at 1.1288 are recommended.
Posted on: Thu, 06 Mar 2014 16:23:01 +0000
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